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An exhaustive analysis of the UK market including every firm in the top 200 ranked, analysed and benchmarked, UK chambers ranked by turnover, revenue per barrister and which international firms are most active in the UK.
Jones Day is upping its first year trainees’ pay packets to £36,000 to break the £35,000 benchmark set by most of its US rivals.
Jones Day merged with Gouldens, the UK firm fam-ous for paying its trainees the highest salaries in the City, in February 2003. It is increasing first year trainees’ salaries in its City office from £33,000 to £36,000 and second year salaries from £37,000 to £40,000. The move was revealed in the latest Lawyer 2B, The Lawyer’s sister title, which is out this week.
Newly qualified solicitors do not fare so well, and although their £55,000 pay outstrips the £50,000 on offer at most of the UK’s magic circle firms, it is still considerably less than their peers receive at other US firms. At Cleary Gottlieb Steen & Hamilton’s London office, for example, newly qualified lawyers earn a staggering £74,000, while at Cadwalader Wickersham & Taft the figure is £65,000.
City pay for first year, second year and newly qualified lawyers at US firms